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The Impact of the Change in a Product Name on the Consumer's Perception

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The Impact of the Change in a Product Name on the Consumer's Perception BUSINESS ADMINISTRATION – 60 ETCS B A C H E L O R The impact of the change in a product T name on the consumer’s perception H and behavior. E S ELISE SOURDOT-DEREXEL TRIM GERLICA I S Strategic Marketing with independent project – 30 ECTS 1 TABLE OF CONTENT 1 Abstract .................................................................................................................... 5 2 Acknowledgement ..................................................................................................... 6 2.1 Disposal .............................................................................................................. 7 3 Introduction: ............................................................................................................. 8 3.1 Background ......................................................................................................... 8 3.2 Problem discussion ........................................................................................... 10 3.3 Purpose ............................................................................................................ 11 3.4 Research question ............................................................................................. 12 3.5 Delimitations .................................................................................................... 12 4 Theoretical framework ............................................................................................ 13 4.1 Notion of Product .............................................................................................. 13 4.2 The importance of Naming: Brands, Corporate brand and product Brand ........... 15 4.2.1 Consequences of naming mistakes .................................................................... 19 4.3 Product Naming ................................................................................................ 20 4.4 Consumer perception ........................................................................................ 22 4.5 Consumer behaviour ......................................................................................... 23 4.6 Consumer’s bying decision ................................................................................ 26 4.7 Customer Satisfaction ....................................................................................... 29 4.8 Customer Trust & Loyalty .................................................................................. 31 4.8.1 Trust .................................................................................................................... 31 4.8.2 Loyalty ................................................................................................................ 33 5 Methodology ........................................................................................................... 35 5.1 Research Purpose; Descriptive, exploratory and explanatory researches............ 35 5.2 Research Approach ........................................................................................... 36 5.2.1 Qualitative, Quantitative and Mixed-Method Research .................................... 36 5.2.2 Deductive vs. Inductive ...................................................................................... 38 5.3 Data collection .................................................................................................. 40 5.3.1 Primary & Secondary Data ................................................................................. 40 5.3.2 Validity and reliability ......................................................................................... 42 5.4 Limitation ......................................................................................................... 43 2 6 Empirical Data ......................................................................................................... 44 6.1 Personal questions ............................................................................................ 44 6.1.1 Gender distribution ............................................................................................ 45 6.1.2 Age distribution .................................................................................................. 45 6.1.3 Profession ........................................................................................................... 46 6.1.4 Living Area .......................................................................................................... 46 6.1.5 Household Composition ..................................................................................... 47 6.2 Questions about the purchase decision ............................................................. 47 6.2.1 Important factors of the purchase decision ....................................................... 47 6.2.2 Importance of product names ........................................................................... 48 6.3 Question about product and brand .................................................................... 50 6.3.1 Importance of the company brand name .......................................................... 50 6.3.2 Faithful consumer of brand or product .............................................................. 51 6.4 Questions about the name change .................................................................... 51 6.4.1 “Same product, Different name” ....................................................................... 51 6.4.2 Customer reaction according to product name change .................................... 53 6.4.3 Customer reaction according to the product brand after the product remaining 56 6.5 Question about the difference between the brand name and the product name 56 7 Analysis ................................................................................................................... 57 7.1 Negative impact of the product’s renaming: ...................................................... 57 7.1.1 Hesitation in the purchasing decision ................................................................ 57 7.2 Impact of the renaming on the Consumer’s perception of the product ............... 58 7.2.1 How the consumer feels about it ....................................................................... 58 7.2.2 How the customer reacts ................................................................................... 58 7.2.3 What makes them buy the product? ................................................................. 59 7.3 Impact of the product name change on the customer trust ................................ 59 7.4 Consumer brand or product Loyalty................................................................... 61 7.5 Differentiation between brand and product ...................................................... 62 7.5.1 Confusion between Brands and products .......................................................... 62 8 Conclusion ............................................................................................................... 64 8.1 Synopsys ........................................................................................................... 64 8.2 Limitations ........................................................................................................ 64 3 8.3 Further Research ............................................................................................... 66 9 Appendix ................................................................................................................. 67 9.1 English questionnaire: ....................................................................................... 67 10 References .............................................................................................................. 72 4 1 Abstract Title: Impact of a product name change on the consumer’s perception and behaviour. Course: FÖ5012 Strategic marketing with independent project, 30 ECTS Authors: Elise Sourdot Derexel and Trim Gerlica. Tutor: Reinert Venilton. Keyword: Product’s name perception, product renaming, consumers buying process after a change in the product name. Problem discussion: The name of a product is as important as its brand, therefore we wanted with this dissertation to investigate how the consumers react to a change in a product name. Purpose: The aim with this study was to study the consumer’s reaction after the product they buy changes its name. We wanted to be able to determine the real impact a change of a product name has on its consumers. With this study, we wanted the companies to have an idea of the impact a change in a product’s name can have on its regular customers. Empirical data: We chose to carry out a mix-method research which was conducted via online surveys in order to have as many answers as we could in just a short amount of time. Conclusion: After having collected the data and performed an analysis of it, we ended this paper with a conclusion, emphasizing on the outcomes of the analysis. 5 2 Acknowledgement We would like to express our gratitude to all the persons who contributed to this thesis with their help, pieces of advice and critics. To begin with, we would like to offer gratitude to our supervisor, Venilton Reinert, for his professional guidance and support during the writing process of this thesis. Next, we would like to thank all the students who gave us suggestions during the seminars. These suggestions and pieces of advice helped us improve our research. Finally, we are very thankful
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